Luxembourg-based password management provider Passbolt said it has raised $8 million in seed funding to enhance its open-source platform tailored for small and mid-size businesses, reports TechCrunch. Founded in 2017, Passbolt aims to address the limitations of traditional password managers like KeePass, Bitwarden, and 1Password by offering a more secure, collaborative, and user-controllable solution. The solution enables features that are essential for distributed teams, including granular password sharing, user access auditing, and self-hosting options. The platform has evolved through the years to include tools for password rotation and expiry, role-based access controls, two-factor authentication, and native desktop applications, with planned future updates to include passkey management. The tool is SOC2 Type II certified, and its code is regularly audited. Passbolt’s open-source model features a free community edition, alongside paid Pro and hosted solutions. Currently, 38,000 teams use the free version, while 2,000 pay for premium services, with 75% opting for self-hosting.
Identity
Passbolt raises $8M for its collaborative password management solution
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